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☆ Smucker's fifth-generation CEO said he's no nepo baby and won't let his kids be, either
▼ + stars: | 2024-04-09 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Mark Smucker, the CEO of J. M. Smucker Company, said the company is a meritocracy. Smucker, a fifth-generation leader, worked outside the company and got a graduate degree before joining. Family members must work outside the company and preferably hold a graduate degree. AdvertisementThe CEO said he was not always keen to join the family business as a child. "One is that you've got to work outside the company no matter what.

Persons: Mark Smucker, —, Smucker's, Orville, Smucker, Fortune, William & Mary, you've, Richard, Richard Smucker, Thomas Kirk Organizations: Smucker, Service, William &, Arizona State, Brightstar Capital Partners, New York Magazine Locations: Orville , Ohio, Alabama, Argentina, South America, Danish

☆ The ‘Mandela Effect’: How a psychological phenomenon took over the internet
▼ + stars: | 2023-09-18 | by ( Jacopo Prisco | ) edition.cnn.com time to read: +10 min

But you might also be experiencing the so-called Mandela Effect. Ken Drinkwater, a fellow researcher at Manchester Metropolitan, added that the effect might be connected to a condition called false memory syndrome. Jon Elswick/AP; Scott Olson/Getty ImagesSome common examples of the Mandela Effect have perhaps logical explanations, such as Mr. “Advocates of the Mandela Effect think it’s a genuine effect. These people had this false memory right after learning about the characters!

Persons: Ash, Fiona Broome, Nelson Mandela, Mandela, Broome, “ Luke, ”, Wilma Bainbridge, hadn’t, Deepasri Prasad, Bainbridge, Prasad, Stan, Jan Berenstain, ” Bainbridge, Neil Dagnall, Dagnall, “, ” Dagnall, Roediger, McDermott, Ken Drinkwater, they’ve, Drinkwater, they’d, you’ve, Jon Elswick, Scott Olson, David Adkins, Sinbad, Dennis Van Tine, Shaquille O’Neal, Clara Nellist, Lionel Flusin, hasn’t, ” Drinkwater, University of Chicago’s Bainbridge Organizations: CNN, “, Bears, University of Chicago’s, Science, UChicago, Dartmouth College, Manchester Metropolitan University, Manchester Metropolitan, Monopoly, Fox Television Network, European Organization for Nuclear Research, CERN, Collider Locations: South Africa, “, Hanover , New Hampshire, United Kingdom, New York City, Switzerland —, Geneva

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) said on Monday it will buy Twinkies-maker Hostess Brands (TWNK.O) in a $5.6 billion deal, as major U.S. packaged food companies look to expand their brand portfolios with pandemic-era fortunes dwindling. J. M. Smucker will pay Hostess shareholders $34.25 per share in a cash and stock deal, representing a premium of 54% since the day before the report surfaced. Hostess Brands became an acquisition target after it managed to boost its revenue through price hikes that fueled investor concerns over its prospects with its volume growth consistently declining. Smucker and Hostess deal follows a spree of other deals including that of Campbell Soup's (CPB.N) $2.7 billion deal for Rao's sauce maker Sovos Brands (SOVO.O) and Unilever (ULVR.L) buying premium frozen yogurt brand Yasso in North America.

Persons: Brendan McDermid, Smucker, Campbell Soup's, Hostess, Ding Dongs, Dimpal Gulwani, Ananya Mariam Rajesh, Anirban Sen, Savio D'Souza, Shinjini Organizations: REUTERS, Hostess Brands, Reuters, Hostess, Mills Inc, Mondelez, PepsiCo Inc, Hershey Co, Sovos, Unilever, Hos, Thomson Locations: Manhattan, New York City, U.S, North America, Lenexa , Kansas, Ho, Bengaluru, New York

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., August 29, 2023. REUTERS/Brendan McDermid Acquire Licensing RightsSummaryCompanies Tesla gains on Morgan Stanley upgradeBoeing rises after Vietnam Airlines jet dealFutures up: Dow 0.23%, S&P 0.44%, Nasdaq 0.63%Sept 11 (Reuters) - Wall Street futures gained on Monday as Tesla shares rose, while investors awaited inflation data due later this week for clues on the U.S. Federal Reserve's interest-rate path. The three major indexes logged weekly declines on Friday as strength in oil prices and stronger-than-expected economic data fueled concerns of sticky inflation and interest rates staying higher for longer. Investors now await the crucial consumer and producer prices data as well as retail sales numbers due later this week. Data over the weekend showed China's consumer prices returned to positive territory in August, while factory-gate price declines slowed, as deflation pressures ease amid signs of stabilization in the economy.

Persons: Brendan McDermid, Morgan Stanley, Russ Mould, AJ Bell, Ankika Biswas, Shreyashi Sanyal, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Boeing, Vietnam Airlines, Dow, Nasdaq, Wall, U.S, Investors, FedWatch, Dow e, Apple, Hostess Brands, PDD Holdings, Baidu, Sunday, Thomson Locations: New York City, U.S, U.S . Federal, China, Bengaluru

☆ J.M. Smucker nears deal to buy Twinkies-owner Hostess Brands - WSJ
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) is nearing an agreement to buy Twinkies-owner Hostess Brands (TWNK.O) in a deal that would likely be in the neighborhood of $4 billion, the Wall Street Journal reported on Sunday, citing sources. Hostess' shares have risen nearly 27% since Reuters reported that the company was exploring a sale after fielding takeover interest from major food makers. Hostess became an acquisition target after it raised prices on some of its products to boost revenue, fueling investor concerns over its prospects. Both Hostess and J.M.

Persons: Brendan McDermid, Smucker, Dimpal, Rashmi Organizations: REUTERS, Hostess Brands, Wall Street, Reuters, Thomson Locations: Manhattan, New York City, U.S, Bengaluru

☆ Here's why Jim Cramer likes J.M. Smucker's plan to buy the maker of Twinkies
▼ + stars: | 2023-09-11 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +1 min

Smucker 's (SJM) decision to buy Twinkie maker Hostess Brands (TWNK) in a deal valued at $5.6 billion. "I like the deal, if only just because I like this channel for Smuckers," Cramer said on "Squawk on the Street." Hostess Brands stock, meanwhile, surged nearly 19%, to more than $33 per share. Reuters reported in August that multiple major food brands such as General Mills (GIS) and Oreo owner Mondelez International (MDLZ) had shown interest in acquiring Hostess. Perhaps the "biggest worry" about acquiring Hostess Brands is the increasing popularity of weight-loss drugs known as GLP-1 agonists, and their potential impact on consumer food preferences, Cramer acknowledged.

Persons: CNBC's Jim Cramer, J.M, Smucker, Cramer, Jim Cramer's, Mills, Morgan Stanley, Eli Lilly, — Organizations: Hostess Brands, Reuters, Mondelez, Hostess, Cramer's Charitable Trust, CNBC, Novo Nordisk, Cramer's Charitable Locations: U.S

☆ J.M. Smucker is buying Twinkies maker Hostess for $5.6 billion
▼ + stars: | 2023-09-11 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Hostess, the maker of Twinkies and Ho Hos, is being purchased by J.M. Hostess stockholders will get $30 in cash along with .03002 shares of Smucker’s stock for each Hostess share they own, with the deal expected to close in 2024. Hostess was founded in 1919 and started making Twinkies in 1930. It filed for bankruptcy in January 2012, and stopped making its products, including Twinkies, in November of that year during a strike by Bakery Workers union. The firms of Apollo Global Management and C. Dean Metropoulos & Co. returned Twinkies to store shelves in July 2013 after acquiring the asset from Hostess.

Persons: “, Andy Callahan, Ding Dongs, Smucker, Dean Metropoulos Organizations: New, New York CNN, J.M, ”, Bakery Workers, Apollo Global Management, Co, Hostess Locations: New York, Ho

[1/2] Hostess Brands "Twinkies" are displayed in a store in the Manhattan borough of New York City, U.S. July 5, 2016. Smucker (SJM.N) on Monday agreed to buy Twinkies maker Hostess Brands (TWNK.O) for $5.6 billion including debt in a deal that unites two major American snack makers. The deal was worth about $4.6 billion excluding debt, with Jif peanut butter maker Smucker paying Hostess shareholders $34.25 per share. Campbell Soup's (CPB.N) recent acquisition of Rao's sauce maker Sovos Brands (SOVO.O) represented an adjusted EBITDA multiple of 14.6 times, including run rate savings, and 19.8 times excluding those. Based in Lenexa, Kansas, Hostess was founded in 1930 and is behind several iconic household brands, including Ho-Hos, Ding Dongs, Zingers, and Voortman cookies and wafers.

Persons: Brendan McDermid, Smucker, Campbell Soup's, Smucker's, Campbell, Hostess, Ding Dongs, Dean Metropoulos, Alec Gores, Ananya Mariam Rajesh, Anirban Sen, Abigail Summerville, Dimpal, Savio D'Souza, Shinjini Ganguli, Jason Neely Organizations: REUTERS, Hostess Brands, Reuters, Sovos, JPMorgan, Sovos Brands, Hos, Smucker, Apollo Global Management Inc, Hostess, Thomson Locations: Manhattan, New York City, U.S, North America, Lenexa , Kansas, Ho, Bengaluru, New York

☆ Smucker's has found a return-to-office solution that workers seem to like — in-person work for only 22 weeks a year
▼ + stars: | 2023-08-30 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Smucker has an RTO policy that requires workers to be on-site only during 22 "core" weeks. The Smucker model appears to be a hit with workers, who can live anywhere as long as they return for "core" weeks. Amazon's CEO Andy Jassy just told employees it was "past" time to commit to its return-to-office mandate of three days a week. Last week, Goldman Sachs told more of its workers to start coming into the office five days a week. Facebook/JifThe company has about 6,000 employees worldwide, but the "core" weeks program is targeted at the 1,300 corporate workers based at its Orrville headquarters.

Persons: Smucker, Andy Jassy, Goldman Sachs, Zoom, Uncrustables —, didn't, Smucker's, they're, Nicole Massey, Massey, Mark Smucker, Lakshmi Organizations: Service, Wall Street, Employees Locations: Orrville , Ohio, Wall, Silicon, San Francisco, Bay, Akron , Ohio, Lakshmi Varanasi, lvaranasi

☆ Why Americans are obsessed with peanut butter
▼ + stars: | 2023-07-14 | by ( Natalie Rice | ) www.cnbc.com time to read: +9 min

Skippy was the leading peanut butter brand in the U.S. until 1980, a title that now belongs to Jif. Pond, that became the first brand to commercially develop peanut butter in 1920, sparking the way we eat peanut butter today. "We've launched certain innovations specifically in Asian markets to help enable that type of cooking use for peanut butter. Domestically, Americans eat an average of 4.25 pounds of peanut butter per capita, a figure that increased temporarily during the Covid-19 pandemic, according to the National Peanut Board. As the family came together in the middle of the day, we saw that it introduced this love and affection for peanut butter to children who will hopefully carry that love and affection for peanut butter into [their] lifetime," he added.

Persons: Skippy, Joseph Rosefield, Peter Pan, Matt Smith, Circana, Costco's Kirkland, Smucker's, Jif, Smith, Rebecca Scheidler, they've, Ryan Christofferson, Christofferson, aren't, they're, Bob Parker, It's, it's, We've, Parker, Domestically, —, Scheidler Organizations: Equity Research, Stifel Financial Corp, Hormel Foods Corp, Post, Holdings, Foods, Hormel Foods, Spam, Unilever, Peanut Board, FDA, Hormel, National Peanut Board Locations: Jif, U.S, Chicago, Smucker, Uncrustables, Longmont , Colorado, McCalla , Alabama, Mexico, Canada, China

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAmerica's $2 billion peanut butter industryPeanut butter is a $2 billion dollar industry in the U.S. and has continued to increase profits yearly as purchases grow and prices rise, though peanut butter's price has remained low. Peanut butter has has a 90% household penetration rate, meaning it is seen in most American households. With that legacy, it's a delicate balance for top brands to innovate while still being consistent with expectations. Three brands hold the top market share — Jif, Skippy and Peter Pan.

Persons: Skippy, Peter Pan Locations: U.S

☆ S&P 500 first-quarter EPS creeps out of the red, Refinitiv data shows
▼ + stars: | 2023-06-09 | by ( Noel Randewich | ) www.reuters.com time to read: +3 min

Fresh data shows earnings per share for S&P 500 (.SPX) companies were about flat in the first quarter, a major improvement over dour forecasts at the start of the reporting season. Reuters GraphicsWith first-quarter earnings season all but wrapped up, S&P 500 companies are on track for an average increase in earnings per share of 0.03% year over year, according to I/B/E/S data from Refinitiv. Notably, net income for S&P 500 companies fell 2.9% in the first quarter, according to Refinitiv, showing their overall profits actually declined. Smucker (SJM.N) and Campbell Soup Co (CPB.N) were among the companies helping to lift S&P 500 earnings out of negative territory in recent days, with both packaged food sellers reporting EPS above analysts' estimates. While first-quarter earnings have turned out better than expected, analysts on average remain pessimistic about the outlook for earnings, on average predicting a 5.4% drop in EPS in the second quarter, according to Refinitiv.

Persons: Andrew Kelly, Campbell, Noel Randewich, Paul Simao Organizations: Smucker, REUTERS, Reuters Graphics, Federal Reserve, Campbell, Thomson Locations: Manhattan , New York City, U.S, Refinitiv

☆ Five Stand-Up Specials for the Long Holiday Weekend
▼ + stars: | 2023-05-26 | by ( Jason Zinoman | ) www.nytimes.com time to read: +2 min

Lewis Black, ‘Tragically, I Need You’(YouTube)If a stand-up can tap into or channel the fury of an audience, he can light up a room. Lewis Black’s great gift is that behind that dyspeptic front, you could detect a thoughtful, introspective side, a little damaged perhaps. He shows us more of that vulnerable side here, in part because the isolation of the pandemic put him in a reflective mood. Along with swinging sharp political elbows, in defense of Dr. Anthony S. Fauci, say, Black beats himself up over past relationships and sings the praises of companionship. He talks about his failed career as a playwright, bringing up theater because “I like to feel the interest of the audience leave the room.”

☆ Cramer: Here's why I plan to trim some stocks at this stage of the bull market
▼ + stars: | 2023-04-02 | by ( Jim Cramer | ) www.cnbc.com time to read: +17 min

Back when bulls were everywhere From the time the great bull market began in 1982 until the financial collapse of 2007, we pretty much assumed stocks would always go higher. We often forget what the Great Recession of 2007 to 2009 was all about. A runaway bull market in all but banks — which are actually fueling the rally with their own ineptitude. My closing take, though, is that we have at last shaken off the ghosts of the Great Recession. But accept we are in a bull market and recognize that those who don't know it yet never will.

☆ Stocks making the biggest moves in the premarket: Walt Disney, Carvana, Coinbase and more
▼ + stars: | 2022-11-21 | by ( Peter Schacknow | ) www.cnbc.com time to read: +2 min

Take a look at some of the biggest movers in the premarket:Walt Disney (DIS) – Walt Disney rallied 8.8% in premarket trading after the weekend announcement that former Chairman and CEO Bob Iger is returning as chief executive, replacing Bob Chapek. Carvana (CVNA) – Carvana fell 3.9% in the premarket after The Wall Street Journal quoted analysts as saying the online used car retailer could run out of cash within a year. Coinbase (COIN) – Coinbase slid 6.8% in premarket trading, with the cryptocurrency exchange's shares falling in the wake of rival FTX's bankruptcy. Alibaba (BABA) fell 3.4% in premarket trading, JD.com (JD) dropped 5.3%, Baidu (BIDU) lost 2.7% and Pinduoduo (PDD) slid 2.8%. Williams-Sonoma (WSM) – The housewares retailer's stock fell 1.9% in premarket trading after Barclays downgraded it to "equal weight" from "overweight," pointing to the negative impact of a weakening housing market.

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